Globex Traded NYMEX Crude Oil and Products
The CQG Analog Chart, which is a chart display that plots multiple markets, has crude oil (blue bars), gasoline (light green close only line), and heating oil (white close only line) plotted. In addition, I have the RSI study plotted for each market using the same colors as the prices. We continue to see the RSI readings for the two products are a little stronger than the RSI for crude indicating that the demand for products may be pulling crude up with it. If the markets close down today, then the RSI is signaling a trading range.
Today’s trading has placed the market into a resistance zone. Watch to see if sellers do come out and can take the market back down.
The Constant Volume Bar chart of the crude oil is set to 1,000 contracts with the SnapTrader. At the moment, the RSI momentum readings are very positive as the RSI peaks are well above 62.
When this image was captured, the TradeFlow Chart shows the market pulling back as traders were hitting bids based on the red sell volume line edging above the green buy volume line of the TFVCrss study.